The Mexican airline Interjet, which went from being one of the main in the country to being at risk of bankruptcy, hopes to reach an agreement with its creditors within a year, as part of the financial efforts with which it seeks to re-sail the Heavens, company representatives said.
Shareholders of the company, which stopped operating in December amid the hit to the industry by the COVID-19 pandemic, agreed in April to request the protection of the Mexican justice while restructuring liabilities for a declared amount of 1.25 billion dollars.
The directors of the firm in charge of negotiating with Interjet’s creditors, Argoss Partners, said they trust that a judge will approve as soon as possible to start the legal process, known as commercial bankruptcy, to achieve a deal regarding the debts and avoid a possible liquidation of the company.
“The sooner we can (reach an agreement), the better,” Carlos Ortiz-Cañavate, one of the firm’s partners, said Thursday in a video call interview with Reuters, but did not give projections on when he could fly again. “(It) is somewhat risky to specify the date,” Interjet spokesman Carlos del Valle mentioned separately when asked about it.
Interjet, operated by ABC Airlines, had been dragging financial problems since before the epidemic, including debts with the treasury, according to its representatives and statements from the head of the local tax authority (SAT) to local media.
Igor Marzo, director of Argoss Partners, pointed out that as an individual creditor, the SAT is the one who can claim most of the debt from the airline, but he declined to give details of the amount and clarified that employees have priority to collect.
In April 2020, the SAT intervened a property owned by the then owners of the company, the majority of which was later acquired by businessman Alejandro del Valle.
The airline union with more than 5,000 employees started a strike in January demanding payment of back wages and benefits.
Interjet representatives said that, as part of the rescue plan, they are talking with potential investors who could contribute resources so that the firm can face its debts once the bankruptcy is approved. But they did not reveal names.
“It is clear that you have to restructure liabilities, but to continue negotiating you need a capital inflow,” Marzo said. “We are very (…) confident that the quality of the actors that are approaching will allow us to reach a very good port,” he added.
